Escorts dips on weak Q4 earnings

Escorts has dipped over 3% to Rs 122 after its net profit for the quarter ended March declined 15% to Rs 31.78 crore. The company had posted a net profit of Rs 37.47 crore in the same quarter of the previous fiscal.

Net sales of the company also declined at Rs 977.17 crore for the quarter under review, as compared to Rs 997.13 crore in the same period of corresponding fiscal, Escorts said in a BSE filing.

Managing Director Nikhil Nanda said the company will maintain its operational focus through internal restructuring, reduction of headcount and outsourcing.

The stock opened at Rs 123.60, touched a high of Rs 123.60 and a low of Rs 120.70 on the BSE.

Over 1,257,215 shares were traded on both the stock exchanges so far.